Jungjingong Supports Early Startups with Technology and Business Potential with 160 Billion KRW Funding
Support for Youth-Exclusive Startup Funds for Prospective Entrepreneurs Under 39 or Companies Less Than 3 Years Old
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Acting Director Jo Jeong-kwon, hereinafter referred to as SBC) announced on the 6th that they will provide youth-exclusive startup funds to early-stage startups with excellent technology and business potential but lacking financial resources.
The youth-exclusive startup fund is a one-stop support program linked with startup mentoring to activate entrepreneurship among young people with outstanding ideas. The eligible applicants are prospective entrepreneurs or SMEs less than three years old whose representatives are under 39 years old, and the loan interest rate is a fixed 2.0%.
This year, SBC raised the loan limit for manufacturing companies from 100 million KRW to 200 million KRW and extended the loan period for facility funds from 6 years to 10 years. In addition, the support budget was increased by 30 billion KRW compared to last year, planning to support 180 billion KRW to 1,800 companies annually. Last year, SBC supported 1,536 companies with 130 billion KRW and created a total of 1,170 jobs.
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In particular, unlike general financial institutions that evaluate collateral, credit rating, and financial status, the Ministry and SBC decide on support by publicly reviewing the business plans of young entrepreneurs. Woo Young-hwan, Head of Startup Support at SBC, said, "We improved the loan limits and loan periods to expand support for startups with excellent technology and ideas," adding, "Even after providing financial support, we will ensure that startups’ technologies and ideas can shine through follow-up support such as mentoring."
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